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Meesho IPO 2025 – Backlash to Break-Even, $10B Valuation & Confidential Filing Route

IPOName: Meesho IPO; ListingDate: Sep-Oct 2025 (expected); IPOSize: ₹4,250 Cr (fresh) + OFS (TBD); PriceBand: TBD; OpenDate: TBD; CloseDate: TBD; Valuation: $7–10 B (target); Domicile: Returned to India; Lead Bankers: Citi, Morgan Stanley, Kotak, Axis Capital, JP Morgan;

Overview: Meesho’s IPO Roadmap & Strategic Reset

Meesho, the Bengaluru-based success story in e-commerce, is preparing to become India’s first horizontal e-commerce platform to go public. It filed a confidential DRHP with SEBI and has shareholder approval to raise up to ₹4,250 crore in fresh equity alongside an unspecified Offer-for-Sale component. The listing is expected around September–October 2025, targeting a valuation of up to $10 billion. This move builds momentum amid India’s record IPO activity in 2025. :contentReference[oaicite:0]{index=0}.

Financial Revival & Corporate Governance Moves

Meesho's financials show a strong turnaround:

  • FY24 Revenue: ₹7,615 Cr (↑33% YoY); Loss narrowed to ₹53 Cr from ₹3,248 Cr in FY22—an aggressive 97% cut. :contentReference[oaicite:1]{index=1}
  • GMV in FY25: Approx. $6.2 Bn, making Meesho the third-largest in India by GMV. The company also completed a reverse flip and returned its legal domicile to India. :contentReference[oaicite:2]{index=2}
  • Valuation March 2024: ~$3.9 Bn; IPO hopes have since ramped to ~$7–10 Bn. Backers include Meta, Elevation Capital, SoftBank, Prosus, and Peak XV. :contentReference[oaicite:3]{index=3}

Mobile-Friendly IPO Details Box

IPO NameMeesho IPO
IPO Size₹4,250 Cr (fresh)
Offer SupervisorProminent VCs selling via OFS
DomicileRe-shifted to India
Loss ReducedFY24: ₹53 Cr vs ₹3,248 Cr in FY22
GMV FY25$6.2 Bn
Target Valuation$7–10 Bn

What Sets Meesho Apart

  • Rapid profitability rebound in a previously loss-making e-commerce model.
  • First horizontal e-commerce platform (not niche-focused) moving to public markets.
  • Backed by global heavyweights like SoftBank, Prosus, Meta—demonstrating confidence.
  • Confidential DRHP gives flexibility amid market volatility. :contentReference[oaicite:4]{index=4}

Risks & Considerations

  • Competitive intensity remains intense with Flipkart and Amazon.
  • Persistence of brand and service challenges—some customers cite quality and support issues. :contentReference[oaicite:5]{index=5}
  • Valuation still subject to correction, given past private markdowns.
  • OFS component may skew listing gains toward existing investors rather than capital raise benefits.

Final Word

Meesho’s IPO is shaping up to be one of India’s most compelling listings in 2025. A financial turnaround, strategic redomicile, and strong investor backing make it a standout story. If market conditions align by September–October, it could be a defining e-commerce debut—albeit with valuation and competition factors to carefully monitor.

Stay tuned to GMPRadar.com for updates on DRHP, GMP trends, subscription data, and listing performance.

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